Westernbank International Division, which is an International Banking Entity (IBE) under the Puerto Rico Act No. 52 of August 11, 1989, as amended, known as the International Banking Center Regulatory Act, which offers commercial banking and related services, and treasury and investment activities outside of Puerto Rico

EX-10.12 2 g20836exv10w12.htm EX-10.12 exv10w12
EXHIBIT 10.12
Description of Arrangement for Directors Fees
The following sets forth the amount of annual fees payable (excluding representation expenses) to each non-employee director of W Holding Company, Inc. (except for directors who receive benefits from any retirement plan), for their services as Directors in fiscal year 2008:
     
Event   Fees
Annual Retainer:
    
 
    
For those Directors with participation in less than three board of Directors committees.
  $24,000 annually, payable on a monthly basis ($2,000).
 
    
For those Directors with participation in more than three Board of Directors committees.
  $42,000 annually, payable on a monthly basis ($3,500).
 
    
Secretary of the Board of Directors
  $6,720 annually, payable on a monthly basis ($560).
 
    
Chairman of the Audit Committee
  $6,000 annually, payable on a monthly basis ($500).
 
    
Secretary of the Audit Committee
  $12,000 annually, payable on a monthly basis ($1,000).
 
    
Audit Committee Financial Expert
  $6,000 annually, payable on a monthly basis ($500).
W Holding Company, Inc. may also reimburse Directors for their out-of-pocket expenses incurred in connection with attendance at meetings of and other activities relating to service on the Board of Directors or any Board of Directors committee.